Schwab Kicks Off a Fee-Refund Program

Charles Schwab will refund some of its fees to any of the 350,000 or so investors in its advisory services group who become dissatisfied under a new “accountability guarantee,” but don’t get too excited: It’s not the same thing as a guarantee against investment losses.

The program, which begins Monday, is Schwab’s response to surveys that indicate a crisis of trust among the public in the financial-services industry. “This is the right thing to do,” says Charles Schwab, the firm’s namesake and chairman. “This is a tangible commitment aimed squarely at the trust issue.”